On accepting the position of chief executive officer and chairman of Muse, Inc., Dominic Howard changed the firm's weekly payday from Monday afternoon to the following Friday afternoon. The firm's weekly payroll was $ million, and the cost of short-term funds was %. If the effect of this change was to delay check clearing by 1 week, what annual savings, if any, were realized?
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On accepting the position of chief executive officer and chairman of Muse, Inc., Dominic Howard chan...
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